Thomas Stevens's questions to Adaptive Biotechnologies Corp (ADPT) leadership • Q1 2025
Question
Thomas Stevens from TD Cowen asked about the expected contribution from mantle cell lymphoma (MCL), the mix of new versus repeat patient tests, the outlook for gross margins, and the rationale for not reducing the cash burn guidance further.
Answer
Executive Susan Bobulsky noted MCL contributed 5% of volume and could reach high single-digits, with about 30% of total tests being new patient IDs. CFO Kyle Piskel confirmed the NovaSeq X transition is on track for 2H, expecting a 5-8 point margin lift. He cited prudence and the timing of new initiatives as the reason for not lowering the cash burn guidance more aggressively despite the Q1 beat.